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Some Parallels Between Currency and Banking Crises: A Comment

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  • Reinhart, Carmen

Abstract

Comment: What Nancy Marion does in this paper is to present a cohesive survey of three strands of literature: the theoretical literature on currency crises, banking crises, and the more recent papers that have attempted to link the two. It is the "twin crisis" literature, which focuses on banking crises in open economy models, that the paper devotes the most attention to. Like the literature on currency crises, very different interpretations of the causes of the twin crises have been offered and this paper lays out some of the key differences between first generation models, which stress the role of economic fundamentals, and second generation models, which highlight the role of self-fulfilling crises and multiplicity of equilibria.

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File URL: http://mpra.ub.uni-muenchen.de/45130/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13197.

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Date of creation: 1999
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Handle: RePEc:pra:mprapa:13197

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Keywords: banking crises currency crashes;

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  1. Kaminsky, Graciela L. & Reinhart, Carmen M., 2000. "On crises, contagion, and confusion," Journal of International Economics, Elsevier, Elsevier, vol. 51(1), pages 145-168, June.
  2. Guillermo A. Calvo, 1998. "Capital Flows and Capital-Market Crises: The Simple Economics of Sudden Stops," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 35-54, November.
  3. Chang, R. & Velasco, A., 1998. "Financial Crises in Emerging Markets: A Canonical Model," Working Papers, C.V. Starr Center for Applied Economics, New York University 98-21, C.V. Starr Center for Applied Economics, New York University.
  4. Reinhart, Carmen & Kaminsky, Graciela, 1998. "Financial crises in Asia and Latin America: Then and now," MPRA Paper 13877, University Library of Munich, Germany.
  5. Ilan Goldfajn & Rodrigo O. Valdés, 1997. "Capital Flows and the Twin Crises," IMF Working Papers 97/87, International Monetary Fund.
  6. Gerlach, Stefan & Smets, Frank, 1994. "Contagious Speculative Attacks," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1055, C.E.P.R. Discussion Papers.
  7. Michael P. Dooley, 1997. "A Model of Crises in Emerging Markets," NBER Working Papers 6300, National Bureau of Economic Research, Inc.
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